Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, whether Support for Mortgage Interest payments are in line with the increase in interest rates made by mortgage providers.
Support for Mortgage Interest is calculated using a standard interest rate which is set at a level equal to the Bank of England's published monthly average mortgage interest rate. The rate is currently 2.09%, changes to that rate will occur when the Bank of England’s average mortgage rate changes by at least 0.5%. In this way, help provided increases when mortgage interest rates rise.